Bernard Madoff: How did he get away with it for so long?

Follow the author of this article

Follow the topics within this article

As if the collapse of global financial industries hadn’t thrown up enough villains already, in 2008 stunned investors had a new hate figure: Bernard 'Bernie’ Madoff, a then 70-year-old financier and charmer whose hedge fund ensnared wealthy Americans with the promise of record dividends. In a jaw-dropping breach of the personal trust that was supposed to grease the wheels of capitalism, he admitted stealing $50bn (£39bn) in the largest pyramid-selling scheme in history.

But for many, what cut deepest was Madoff’s betrayal of his fellow Jews in a manner that drew dark parallels with an earlier time.

Jerry Reisman, a New Jersey lawyer who knew Madoff socially and went on to represent 13 investors...